Im not a cryptography expert but from what i've learnt about homomorphic encryption in my courses its nowhere close to being usable at reasonable speeds
Yeah, turning 1 bit of plaintext into 20 MB of ciphertext kills any hope for "reasonable speed". I have a toy functional language implementation that has no built-in data structures whatsoever, and even it in the end represents a bit only as an 8-byte closure.
This is actually practical for general workloads. Homomorphic encryption not so much (although there have been advances for machine learning inference recently)